Friday, 3 December 2021

Best Places to Buy Bitcoin & Other Altcoins Online in 2021

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Suppose you are an investor who wishes to get into the volatile yet exciting investing world of Bitcoin and cryptocurrency. In that case, the first and foremost decision to make is to choose appropriate crypto exchanges for all of your buying and selling needs.

Ideally, your chosen Bitcoin trading platform should offer affordable transaction and trading fees, an easy-to-use website design, accommodating and convenient payment methods, and various digital currencies or coins available at your disposal from which to purchase and choose.

Lastly but most importantly, the security measures taken by the platform where you are buying Bitcoin are immensely important as well. No investor wishes to put their savings, money, and profits at stake by using an unsafe platform that may involve cyberattacks or breaches.

Therefore, to ensure you opt for the best trading platform for buying Bitcoin, we have reviewed the top six Bitcoin exchanges in detail, keeping in mind all of the pros and cons of using them. Whether you are a beginner about to make a debut into the cryptocurrency investment world or are an already active and experienced trader, this list will surely come in handy.

Where to Buy Bitcoin [Full Reviews]

  1. crypto.com: Overall Best Place to Buy Bitcoin Online
  2. eToro: Safest Cryptocurrency Platform for Bitcoin Exchanges
  3. Coinmama: Top Rated Bitcoin Investment Site
  4. BlockFi: Best Bitcoin Wallet Services
  5. Currency.com: Biggest Crypto Exchange Platform

 

After careful consideration of certain factors, we were able to shortlist the following six cryptocurrency exchanges for purchasing Bitcoin:

1. Crypto.com – Overall Best Place to Buy Bitcoin Online

Crypto.com

Crypto.com was established in June 2016 as “Monaco Technologies GmbH” by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. Since its launch, it has emerged as one of the most well-known cryptocurrency trading platforms headquartered in Hong Kong. It is an intermediate token that can convert cryptocurrency into fiat at a discounted price. It is currently the world’s 22nd largest cryptocurrency, with a market cap of over $19 billion.

Users can buy, sell, and trade over 200 different cryptocurrencies on Crypto.com. This exchange supports advanced order types, futures contracts, and other crypto products such as NFTs. It also offers cryptocurrency rewards, credit cards, staking, and its blockchain ecosystem named the Crypto.org Chain. In terms of trading applications, the Crypto.com app allows users to earn token rewards for specific listings by staking CRO.

Here, users can earn an annual rate of return of up to 10%–12% on their Crypto.com Coins by staking them on either the Crypto.com Exchange app or Crypto.com’s metal Visa Card. The Crypto.com Coin (CRO) is the native cryptocurrency blockchain that serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.

Highlights

  • Crypto.com offers users more than 200 cryptocurrencies with 20+ fiat currencies to choose from and is possibly the best place to purchase altcoins.
  • This platform trades Crypto in minutes rather than days and weeks.
  • Users can save up to 80% on fees compared to traditional payment processors by settling in crypto.com.
  • One-stop store to buy, sell, store, send & track cryptocurrency safely and in a convenient manner.
  • Crypto.com offers customer service support via a help page, email, and live chat.
  • Crypto.com has its mobile application that makes your purchasing experience convenient. Additionally, it is also available and can be easily downloaded for Android and iOS devices.
  • Get security features like a two-step authentication system (2FA) and fund insurance to protect your asset in case of theft.
  • When you link your US bank account, you’ll be asked to enter Know Your Customer (KYC) information to verify your identities, such as your name, contact information, and social security number.
  • If you compare, you’ll find Crypto.com way cheaper than other service providers. It offers a flat fee of only 0.40% for trades for spot trades.
  • You can start trading and qualify with Crypto.com with a minimum fee as low as 0%.
  • Crypto.com also offers 14.5 % interest as a reward for holding various coins in your Crypto.com wallet.

Pros

  • More than 200 cryptocurrencies are available.
  • Provides their credit card as well as a crypto wallet and allows users to invest in NFTs.
  • Digital assets are simple to use.
  • Spot trading, futures trading, and advanced order types are supported.
  • This is a useful mobile application that is still highly rated by iOS users.

Cons

  • Fees are higher unless you hold and use CRO coins.
  • Better suited to experienced traders instead of beginner-level investors.
  • Poor customer support.
  • Trading fee discounts can be difficult to navigate.

2.  eToro: Overall Best Place to Buy Bitcoins Online

eToro

Overview
eToro was established in 2007 in Tel Aviv, Israel, as a social trading platform. Since its launch, it has successfully emerged as a global industry leader, supporting more than 20 million users and 20 million cryptocurrency transactions over 140 countries. After expansion, eToro offered a cryptocurrency-only trading platform in the U.S. in 2018 and now has its headquarters in London.

eToro offers various coins for its users to invest in, such as Bitcoin, Ethereum, Litecoin, Dash, Stellar Lumens, NEO, EOS, Cardano, Ethereum Classic, Bitcoin Cash, IOTA, Zcash, Tron, Tezos, Chainlink, and Uniswap. The number of coins offered by eToro may be limited, but it offers the biggest crypto coins, which most investors seek to purchase and sell Bitcoin.

eToro is a regulated Bitcoin exchange under two tier-1 jurisdictions and one tier-2 jurisdiction, making it low-risk and safe for trading Forex and CFDs. Moreover, this cryptocurrency exchange is ideal for social copy and crypto trading, as it is consistently ranked high in both categories in 2021.

Highlights

  • eToro comes with an easy-to-use interface, offering both a web browser-based site and a mobile application. Both of these are perfect for casual investors, especially beginners.
  • eToro is reportedly slightly more expensive than other cryptocurrency exchanges, despite cutting spreads and introducing a no-commission policy for U.S. stock trading.
  • However, it seems to lack research materials and various educational tools necessary for new investors to benefit from.
  • eToro’s copy trading feature is one of the best services offered by the cryptocurrency exchange. This technology allows traders to replicate trading moves from other successful investors. Thus, it caters to beginner-level traders or users who do not have the time to track the markets consistently.
  • It is authorized and regulated by two tier-1 regulators (denoting high trust), which are: The Australian Securities and Exchange Commission (ASIC) and the Financial Conduct Authority (FCA). Moreover, it is also regulated under one tier-2 regulator (denoting average trust) and one tier-3 regulator (denoting low trust).
  • It charges a standard variable spread of 1 pip on each Euro or U.S. dollar, as it is the market-maker Bitcoin exchange, making it slightly more expensive than the industry average.
  • eToro offers the incentive of a VIP club membership with a total of five tiers ranging from silver to diamond. This feature especially targets traders who have consistent balances ranging from $5,000 to $250,000 and involves numerous benefits, such as discounted withdrawal and deposit fees, private signals access, and exclusive assets.
  • For cryptocurrency trading, users can ignore the notion of relatively higher prices because eToro charges a price similar to the industry average, such as 0.75% for Bitcoin trading. In comparison, crypto-to-crypto conversion costs only 0.1% additional to the spreads. However, eToro charges a high fee of fiat-to-crypto conversion of 5%.
  • eToro offers users the incentive to make watchlists, add instruments via an easy search for available markets, and trade directly from the watchlists.
  • eToro’s mobile application directly connects to its wallet to safely store its funds and coins.

Pros

  • Zero commission on cryptocurrency trading
  • User-friendly, clean, and simple interface
  • Simple sign-up process for U.S. crypto investors
  • Multiple coins offered
  • Unique CopyTrading function available

Cons

  • Relatively more expensive than other platforms
  • Low customer ratings
  • Only one account-based currency offered

 

3. Coinmama: Top Rated Bitcoin Investment Site

Overview
Coinmama was launched in 2013 in Israel and has since consistently grown to gather two million users spread over 188 countries. Coinmama is now registered in Slovakia with its headquarters in New Bit Ventures.

Coinmama offers users the opportunity to trade Bitcoin and other cryptocurrencies through multiple payment methods, including credit card purchases, SWIFT or SEPA transfer, and even Apple Pay. It is important to note that Coinmama was the first company to collaborate with Apple Pay to buy Bitcoin.

Coinmama prioritizes customer service, which is rare when compared to its competitors. However, its priority remains to ensure instant transactions. In addition, user verification is normally noted to take roughly 30 minutes.

Furthermore, Coinmama is a good option for beginners who want to invest in their first-ever Bitcoin. However, for experienced investors, opting for another trading platform may be a better idea to save transaction fees.

Highlights

  • Bitcoin can be purchased without a central authority and, therefore, is a fast and easy approach. Coinmama recognizes the importance of urgency and thus, offers a quick and easy way to set up an account to purchase Bitcoin.
  • Coinmama accepts various modes of payment, including debit and credit cards, Apple Pay, and bank transfers.
  • Users have the opportunity to deposit funds in their respective online wallets within minutes and begin trading instantly.
  • Coinmama offers all major crypto coins, including Bitcoin Cash, Bitcoin, Ethereum, Ethereum Classic, Cardano, Litecoin, and Tezos.
  • Purchase of Bitcoin from Coinmama gives its users beneficial delivery and also offers them the ability to take advantage of favorable spot prices and the high spending limit placed by the cryptocurrency exchange.
  • By joining the platform’s affiliate program, new users have the opportunity to earn 15% of the overall commission earned by the cryptocurrency exchange on all referral purchases.
  • Coinmama is the best platform for those who seek to purchase Bitcoin, as its easy-to-use platform and mobile application make the sign-up process instant and simple.
  • Coinmama charges a fee of 5% for debit card purchases.

Pros

  • Excellent customer service
  • Smooth customer experience through instant trades
  • Simple, easy, and convenient interfaces
  • Directly sells Bitcoin, saving users time
  • Website is available in many languages

Cons

  • No mobile application
  • Tends to charge high fees for its services
  • No crypto-to-crypto transactions
  • Must have an E.U. bank account for selling Bitcoin

 

4. BlockFi: Best Bitcoin Wallet Services

Overview
Launched in 2017 by Zac Prince and Flori Marquez in Jersey City, BlockFi defined its mission as offering credit and various other banking services to institutions that lacked access to savings accounts. Eventually, BlockFi expanded its services to offering cryptocurrency interest accounts, crypto-based loans, and other relevant asset services.

If users seek long-term investment in the form of earning interest on crypto assets, BlockFi is the best choice. This trading platform allows its users to utilize Bitcoin as collateral to secure their investments and purchases.

Moreover, BlockFi frees its users of the headache of a possible transaction fee when trading crypto. It also gives its users the incentive to use their credit or debit card to fund their Bitcoin wallet in less than 24 hours.

Highlights

  • BlockFi offers its services at a completely free rate essentially. However, its spread fees can range up to 1%.
  • BlockFi has no minimum account limit, which works great for new and mid-level investors who want to start small and minimize risk.
  • It offers its users numerous promotions, including an opportunity to earn a $20 Bitcoin bonus for every additional referral after the first five referrals. The user can earn a $10 Bitcoin bonus upon referral once qualifying deposits have been made.
  • It offers loan services to various institutions and individuals who are involved in trading.
  • BlockFi’s website promises fast trades, instant interest-earning, and low cost to its users.
  • Users have the opportunity of earning interest ranging from 3% to 8.6% on their crypto funds through their BlockFi interest account.
  • BlockFi also offers its users an incentive that allows them to pick a currency of their preference for their interest payment.
  • It provides its U.S. users help with their taxes by offering a 1099 every year, which states the total interest paid to them. However, international customers do not get access to this feature.
  • The option of borrowing instead of selling allows users to save taxes because the interest rate may be inclusive of tax. So, users no longer have to report capital gains.
  • However, if price falls are commonplace, considering the volatility of crypto coins, the user may not be left with enough value in their interest account to support their loan balance.
  • BlockFi also emerged as the first-ever company that launched rewards credit cards for Bitcoin. This card earns its users 1.5% back in Bitcoin on transactions. The user’s Bitcoin rewards can then be put into their BlockFi interest account, allowing them to start earning interest right off the bat.
  • BlockFi offers automatic trading, letting users make trades repeatedly if their interest account includes funds. Therefore, users can buy bitcoin/cryptocurrency regularly, and their accounts will grow in value while simultaneously earning interest without spending too much time on active trading.

Pros

  • Zero commission on trades (except low spread rates)
  • No minimum account limit
  • Automatic trading offered
  • Interest accounts available worldwide, including 49 U.S. states, with the only exception being sanctioned or watchlist countries
  • Mobile application compatible with iOS and Android devices offered

Cons

  • Limited cryptocurrency and educational resources offered
  • Services not available to residents of New York
  • Users are only allowed one free crypto with one free stable coin withdrawal every month
  • No insurance offered

 

#5. Currency.com: Biggest Crypto Exchange Platform

Overview
Based in Belarus, Currency.com is an online Bitcoin exchange owned and operated by Currency Com Bel LLC, having headquarters in Minsk. This cryptocurrency exchange is an authorized legal entity regulated under the Decree of the President of Belarus, which allows legal entities to offer services regarding crypto platforms.

Currency.com offers a variety of tokenized assets, including cryptocurrencies, government bonds, shares, currency pairs, and commodities. The platform is immense, as it offers a large number of instruments ranging up to more than 3,000. Furthermore, Currency.com offers its services to users from 183 countries around the globe, but U.S.-based users do not have access to registering themselves on the platform.

With a low minimum deposit requirement of only $5, Currency.com offers one of the lowest minimum account limits among its competitors. It is also accommodating in its mode of payment, as it allows deposits via bank transfers, credit and debit cards, Union Pay, and Yandex Pay. In addition, segregated accounts are kept for the storage of funds.

However, these are not insured, which may be a con. Furthermore, Currency.com also offers customer support 24/7, ensuring all concerns are resolved urgently, which is rare in the Bitcoin exchange industry.

Highlights

  • Currency.com is an advanced trading platform that developed the first-ever regulated cryptocurrency exchange to deal in tokenized assets.
  • It offers a convenient web-based trading platform that allows its users to trade from anywhere without worrying about storage issues and comes with different versions to cater to iOS and Android users.
  • Currency.com offers a low minimum deposit requirement of only $5, which is lower than most competitors. Furthermore, the minimum withdrawal limit is also good, as users can withdraw as low as $100.
  • It offers a wide range of assets, including tokenized cryptocurrencies, government bonds, shares, currency pairs, indices, and commodities, allowing users to earn from multiple instruments simultaneously.
  • Currency.com provides its users with excellent trading tools, including the latest price charts, indicators of technical analysis, and price movement comparison tools, which are immensely helpful for traders.
  • Currency.com charges five different types of fees — trading fees, tokenized assets fees, a funding fee, spreads, and cryptocurrency exchanges fees. All in all, the fees charged by this platform are fairly low.
  • Currency.com offers amazing customer support, ranking as one of the best in the industry with 24/7 technical support and instant addressing of concerns raised by users.
  • Customer support is offered via email, chat, phone call, or the website.
  • The website is also multilingual and, thus, caters to many nationalities, as it can be viewed in up to ten languages.

Pros

  • Wide variety of assets offered
  • Low minimum deposit requirement
  • Excellent and complete training material
  • Efficient payment method
  • Technology-driven platform
  • Offers a leverage of up to 1:500
  • Incentive of random bonuses of up to $100

Cons

  • Services not offered to U.S.-based users or clients
  • Only regulated by one jurisdiction
  • Offers storage of funds into segregated accounts, which are not insured

 

#6. Coinbase

Overview
Launched in 2012 in San Francisco, California, Coinbase accrued 30 million-plus users worldwide, with users spread over up to 103 countries. This platform is specifically designed for beginner-level investors seeking various places to buy Bitcoin. It seeks to minimize debut investors getting overwhelmed by an overload of information via complicated graphs and data spread over the entire screen by offering a simple user interface.

Coinbase is the leading Bitcoin exchange in the United States and simultaneously establishes itself as a haven for new Bitcoin investors. It offers a wide variety of products, such as cryptocurrency investing, an up-to-date and simple trading platform, custodial accounts for various institutions, a wallet so retail investors can store funds, and a U.S. dollar stable-coin with Coinbase as its rightful owner.

Coinbase is a fully licensed and regulated trading platform that offers services to all U.S. states, with Hawaii as an exception. It has consistently progressed since it launched, as it expanded from only allowing Bitcoin trading to adding other cryptocurrencies, which fit into its decentralized standard.

Therefore, Coinbase now includes a variety of coins for its users to choose from, including Ethereum, Litecoin, Bitcoin Cash, XRP, and many others, with a plan to add more, provided they meet the main requirements of the platform.

Highlights

  • Coinbase offers easy, simple, and convenient trading platforms in pursuit of catering to new investors or beginners.
  • It offers browser-based software accessible to both Android and iOS devices and keeps users from having storage issues.
  • It has a separate, advanced trading platform for its experienced traders called Coinbase Pro, which is accessible on the web browser.
  • Coinbase Pro offers many additional features accompanied by a high-tech charting and trading experience, especially for those skilled in trading who have ample prior experience.
  • Coinbase Pro comes with an immensely low commission fee while offering users the opportunity to place market, limit, and spot orders.
  • Coinbase Pro also offers the option of margin trading along with much better charting abilities.
  • In the standard version, Coinbase is relatively expensive in comparison to its competitors. However, since the standard version is specifically designed for beginners, they may prefer the ease of use feature over the fees.
  • Coinbase offers several security measures for its users to ensure their funds are safe and secure. However, the firsthand safety of the account requires the user’s efforts, such as keeping a strong password.
  • Coinbase has several security features, including a two-step verification sign-in process, biometric fingerprint logins, insurance in case of a breach, and the responsibility of storing 98% of the users’ funds in offline cold storage. However, its insurance is only applicable if the cryptocurrency exchange itself is breached and not because of individual exchange account hacks due to weak passwords.
  • Coinbase is known for the security offered in comparison to other trading exchanges. However, no cryptocurrency exchanges can ever be completely hack-proof. Therefore, it requires users to create strong passwords and avail of all security services offered to ensure the security of their accounts.
  • The Coinbase sign-up process is also significantly straightforward, with a simple form including the user’s name, email, and new password after a two-step verification through a code sent to the user’s phone number.

Pros

  • 25+ cryptocurrencies offered
  • Caters to beginner-level investors
  • Known as one of the highly liquid platforms that offer security to investors

Cons

  • Relatively expensive as far as its standard package is concerned
  • Its security has been at the receiving end of skepticism due to hack reports in 2021
  • Limited variety of altcoins offered

 

#7. Binance

Overview
Binance was launched in 2017 as a Malta-based organization in China. Since its launch, it has emerged as one of the most well-known Bitcoin trading platforms globally. In 2019, Binance expanded to Binance.US, based in San Francisco, to cater to its U.S. users.

Since 2019, Binance has been reported for breaches and has faced regulatory inspection. However, the U.S.-based version of Binance was never inspected for breaches or regulatory loopholes. For example, due to these inspections, Italian regulators announced that Binance was no longer authorized to operate in their country. However, Binance.US has continued to be on an upward trend in success and popularity among Bitcoin exchanges.

Binance offers various services, including buying or selling Bitcoin and trading cryptocurrency, with each trade charging only 0.1%. Furthermore, users have the opportunity of earning interest ranging from a rate of 0.5% to 10% on their coins by holding them for a while.

All in all, Binance attracts users the most through its immensely low fees compared to most of its competitors. Moreover, its sheer popularity has run rampant in the Bitcoin exchange industry.

Highlights

  • This platform aBinance offers users more than 200 cryptocurrencies to choose from and is possibly the best place to purchase altcoins.ids in trading Bitcoin within minutes as opposed to long periods or hours.
  • Binance offers its users the opportunity to conduct credit and debit card transactions with a 3.5% fee. This feature is valid for 31 of its 200+ cryptocurrencies.
  • Users have the option of using three interfaces according to their comfort, including the “basic” interface, the “classic” interface, and the “advanced” platform. Each interface offers its own features, as they cater to all kinds of traders, from beginners to experienced.
  • Binance offers 24/7 customer service support to resolve its users’ concerns regarding credit card payments, fees, wallets, or other technical issues. Furthermore, users are even offered a blog regarding the latest trends in Bitcoin and an online message board for traders’ interaction.
  • It also offers an easy and simple mobile application that helps users purchase Bitcoin at any time, anywhere. Along with this, it is always available for easy downloading for windows and macOS.
  • Binance offers security measures through its asset fund insurance in cases of theft and involves a two-factor authentication system (2FA).
  • Its services are, unfortunately, restricted, as they do not expand to certain U.S. states, such as Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
  • Binance is immensely cheap compared to its competitors, offering a flat fee of only 0.1% for spot trades and 0.5% for instant trades.
  • It also offers a low minimum trade limit of only $10.
  • Binance offers rewards for users in the form of interest by holding various coins in their Binance.US account.

Pros

  • More than 200 cryptocurrencies offered
  • One of the most well-reputed trading platforms
  • Low fees in comparison to most of its competitors
  • Easy-to-use via digital assets
  • Numerous security measures offered
  • Useful mobile application that remains highly rated by iOS users available

Cons

  • Not available in seven states within the U.S.
  • Better suited to experienced traders instead of beginner-level investors
  • Email is the only method of communicating with customer service

 

How We Compiled Our List of the Best Places to Buy Bitcoin

When analyzing which Bitcoin exchange service is the best, there are numerous factors to be considered. Naturally, the most basic prerequisite for any potential customer would be the reliability of the platform involved. However, multiple other factors, such as fees, customer service, website design, etc., need to be deeply considered, too.

Therefore, we came up with our list of the best places to buy Bitcoin by analyzing the following factors:

  • How long has the trading platform been established, and what has its success rate been?
  • How much has it expanded since its launch?
  • What interest rates does the Bitcoin exchange offer?
  • What transactional, trading, and other types of fees are involved in using the particular cryptocurrency exchange?
  • How do customers review the particular trading platform?
  • What variety of coins does the Bitcoin exchange offer?
  • What security measures does the platform offer? Does it have any insurance funds? Is it regulated?
  • What are the pros and cons of using this cryptocurrency exchange?
  • What are some of the features offered by the platform?
  • How easy to navigate is the site’s interface and design?
  • What is the level of customer service offered by the exchange?

Undoubtedly, each Bitcoin exchange offers various features and incentives. However, our foremost priority was the reliability, transparency, and safety of the trading platform, so investors could secure their investments and future profits.

Additionally, the credibility of the platform and the overall customer experience of using the specific cryptocurrency exchanges were also important factors that we critically analyzed and considered.

Factors to Consider When Choosing the Best Place to Buy Bitcoin

The best exchange will ensure the safety of your funds as their first and foremost priority. However, beyond just the security of an exchange, there are multiple other factors to analyze and consider before landing on the preferred platform for Bitcoin trading.

Although needs and preferences are largely subjective, some generic factors are always an important consideration when investing your money. These include:

  • Security Measures Offered by the Exchange

Users should prioritize choosing an open and transparent exchange in terms of their management, regulatory licenses, company location, and team. Moreover, an exchange that has insurance for theft and hacks should also be prioritized, as online exchanges are hubs for cyberattacks. Overall, the safety of funds should be the main priority.

  • Design and Ease of Use

If you are seeking to invest in Bitcoin, the exchange you should choose should ideally have an easy-to-use interface for its website or mobile application. An overload of information or complicated graphs spread over a screen may overwhelm users. Therefore, the easier the trading platform is to use, the better it is for beginners and experienced traders. In addition, a convenient trading experience is likely to make the process much smoother and easier.

  • Liquidity

Bitcoin is mainly traded in a market where investors seek to trade the currency. Therefore, the exchange’s liquidity is an important aspect to consider so users feel protected regarding their investment. Normally, the larger the number of traders, the more liquid the trading platform is.

  • Accessibility to an Insurance Fund

Insurance funds are meant to save investors from unpredictable losses to keep them from losing more money than they have earned through investments. Therefore, insurance funds largely contribute to users’ mental peace by ensuring such losses will be negated. Ideally, the exchange should have a well-capitalized insurance fund associated with it.

  • Total Fees

It is important to note all fees involved when opting for a Bitcoin exchange. Transaction costs, trading costs, credit card or debit card fees, and other exchange fees should be analyzed and compared to the individual user’s budget before opting for the specific exchange.

  • Range of Coins Offers

It is preferable to choose a Bitcoin exchange that offers a variety of coins because diversifying investments leaves more room for larger profits. Therefore, the larger the number of coins offered by the exchange, the better it is.

  • Countries Where Services Are Offered

It is important to note what countries can avail of the services offered by the Bitcoin exchange. Although most exchanges offer their services to most countries, many are also banned or inaccessible for various reasons, such as sanctions. This is normally because local financial regulations regulate the industry.

  • Available Payment Methods

Each exchange offers its own payment methods. Ideally, it is best to choose an exchange that offers a variety of payment methods, or at least the ones most preferred by users. Therefore, if you do not own any cryptocurrencies, it is best to opt for an exchange that accepts other currencies, such as Euro, U.S. dollars, etc.

FAQs: Places to Buy Bitcoin

Q. What Is a Bitcoin Exchange?
Crypto-related scams may make users wary of purchasing Bitcoin. Therefore, a Bitcoin exchange provides a safe and reliable way to purchase this cryptocurrency. In addition, cyberattacks and hacks have become commonplace in Bitcoin investment, leaving platforms to understand the importance of security as a top priority.

Bitcoin exchanges work as digital currency marketplaces or brokers which connect traders who are interested in trading Bitcoin, although there may be a few traditional brokers as well. The exchanges have a fixed way of operating regardless of the user’s country or currency.

Exchanges require users to buy Bitcoin and spots where users can place a limit or market order. Then, the exchanges will finish the transaction as soon as the market meets the user’s criteria.

Q. How to Buy Bitcoin Online?
The simplest way to purchase Bitcoin is to first pick an exchange after researching its fees, ease-of-use, features, and security measures adequately. Then, you need to open an account or sign up for the exchange. Next, the user has to fund the account by investing whatever amount is most feasible, regardless of how low or high it may be. Lastly, the user has to place an order to acquire the Bitcoin. Many platforms process these orders within 24 hours, making Bitcoin instantly available for the buyer so they can buy it instantly.

Q. Which Platform Is the Safest to Buy Bitcoin and Bitcoin Cash?
All of the cryptocurrency exchanges offer their own set of security measures. However, after analyzing all measures offered, Coinbase seems to be the most secure. It holds its assets in hot storage, keeps a 98% user fund in cold storage, and offers insurance on the users’ funds.

Q. Which Bitcoin Exchange Is the Cheapest in Terms of Its Fees?
Binance is the Bitcoin exchange that charges the lowest fees of purchase and trading, ranging from only 0.02% to 0.1%. Moreover, Binance charges a debit card fee of 3% to 4.5%.

Q. Can Bitcoin Increase Your Bank Account Value?
The coin is highly volatile in its prices. Yet, if digital coin investments are made properly in the long term, Bitcoin can surely help investors build wealth.

Concluding Thoughts

All in all, there are numerous factors to consider when choosing an appropriate place to purchase Bitcoin. The top credible, trustworthy, and safe platforms which offer this digital currency have been listed above for you to assess and see which one is best suited to your investment needs.

When finalizing the exchange of your choice, it is important for you to carefully align your preferences with the features offered by the platform. However, make sure safety is kept a priority. Overall, we found eToro and BlockFi to be the most reliable platforms for buying Bitcoin.

 

 

The news and editorial staff of the Bay Area News Group had no role in this post’s preparation.


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